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The global heavy-duty conveyor belts market reached a valuation of $3.8 billion in 2018. The market is expected to witness promising growth, and reach $6.2 billion by 2026. The rising demand for manufactured products in Asia Pacific, growing technological advancements like automation, 3D printing, and subsequent rise in product quality, as well as reduction in product costs remain a major driver for growth for global heavy-duty conveyor belts market. Technologies like 3D printing are also enabling a key next-gen change in manufacturing. The trend is likely to drive manufacturing away from traditional mass-manufacturing towards mass-customization for heavy-goods, creating a niche parallel sector in near future. Currently, the damage to mechanical goods, high maintenance costs, and limited expansion of the 3D printing technology remains a challenge to growth.
Rising Demand in Construction to Remain a Major Driver for Growth
The rising demand for construction in emerging nations like India, China, and Asia Pacific remains a key to growth in the global heavy-duty conveyors belts market. The rising demand in this region has also shifted market dynamics globally. On one hand, the mergers and acquisitions have continued to gone up since 2014 to 2019. For example, in 2013, the M&A in global construction market amounted to 273. On the other hand, this activity reached a record 484 deals in 2018. This has largely taken place, as technological advancements, and favourable regulatory measures continue to expand footprints from global construction firms in new companies. Moreover, the growing M&A activity has also led to growing focus on local markets, and boosting margins by diversification. The growing demand diversification, increasing margins in construction sectors, and growing demand for construction in Asia Pacific will remain a key opportunity for growth for players in the global heavy-duty conveyor belts market.
Rising Demand for Portable Conveyor Belts in the Mining Industry to Drive Growth
The rising demand for mining industry, and its growing importance to electric vehicles remains an important prospect for the global heavy duty conveyor belts market. IEA estimates that over 9 million American consumers have delayed their purchase in 2020. Moreover, the agency further estimates that the electric vehicle will likely make a larger share of the total vehicle sales in near future, thanks to growing demand. The electric vehicles rely on lithium-ion batteries, which will likely drive growth for mining industry in the near future. Moreover, electronic devices like smartphones, and IoT devices also rely on major promise of promising technologies like 3D printing, and growing automation in the manufacturing industry. The rising demand for manufacturing of electronics, the growing demand for electronics, and electric vehicles will remain a key prospect for growth for the global heavy-duty conveyor belts market in the near future.
Key companies in the global heavy-duty conveyor belts market are Fenner, Bridgestone, ContiTech, Bando, YOKOHAMA, LUTZE, Trelleborg, Garlock, Oxford Rubbers, ARTEGO, and SIG Società Italiana Gomma. The global landscape remains fragmented as large companies continue to make new investments in collaborations, and a few acquisitions.
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